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India's central bank demands more enthusiasm for gold paperizing campaign

Section: Daily Dispatches

Scheme on Gold Monetisation to Get More Teeth

By Ram Sahgal
The Times of India, Mumbai
Monday, August 19, 2019

The Reserve Bank of India's direction to all lenders to promote and publicise the Gold Monetisation Scheme from their branches underscores the intent of the banking regulator to make the scheme a success, said officials from two private banks.

The RBI on August 16 directed all scheduled commercial banks (except regional rural banks) to promote the scheme, which was introduced on October 22, 2015, to replace the scheme introduced in 1999.

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"All designated banks shall give adequate publicity to the Scheme through their branches, websites, and other channels," the RBI said.

An official from a private sector bank said this "underscored" the importance the RBI was giving to the scheme. Until the August 16 circular, banks were accepting gold deposits under the scheme but were not actively promoting it, the banker added.

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